Rapper Curtis Jackson, aka "50 Cent," claims that his assets are worth about $25 million, but that two separate court-ordered payments plus other high expenses have pushed him into bankruptcy.
He filed a statement of his financials in Connecticut bankruptcy court on Monday, and Business Insider has obtained a copy of it.
Here's how Jackson says he's drained his millions in just a few years' time.
The money going out: $108,000 per month in expenses and millions of dollars in lawsuits
Apparently, 50 Cent was primarily forced into filing for bankruptcy after two court judgments put him over the top. There's the $7 million owed to Lastonia Leviston, the woman had won the payment in court after the rapper allegedly released a sex tape of her to embarrass the rapper's nemesis, Rick Ross, who had fathered one of her children.
And then, there's the electronics company Sleek Audio, which he owes an $18 million court-ordered payment after a partnership to produce headphones fell apart.
Those court orders total about $25 million, the amount 50 Cent claims in assets.
But, that's just the tip of the iceberg. The rapper claims another $7 million in liabilities.
50 Cent says he has about $108,000 in monthly expenses, which include his homes and personal expenses.
His lavish Connecticut house — the one with 21 bedrooms, 24 bathrooms, and a nightclub — costs about $72,000 a month to maintain, he says. He spends about $5,000 per month on just the gardening.
See his housing costs below:
He also pays a monthly $5,745 Bentley car lease and $12,000 in child support for two children. Additionally, he supports a grandparent in the amount of $2,500 a month.
50 Cent keeps himself looking good with about $3,000 a month on clothes and $1,000 a month on grooming.
See his personal expenses below:
What money is coming in? He has about $10 million in cash and investments
As far as his income, 50 Cent claimed he made $3.3 million from his music so far this year. He also made about $372,000 from SMS, his company that makes headphones, in 2015. Additionally, he has made $771,000 from numerous films, touring, merchandising, and other pursuits with G-Unit, 50 Cent's record label.
The rapper has $10 million in cash and $500,000 in cars, including three Chevy Suburbans and a 2010 Rolls Royce.
50 Cent's attorney provided a statement to BI.
“A filing for personal bankruptcy protection is a complex and often time-consuming process,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors. “Lost in the reporting about Mr. Jackson’s assets, liabilities and individual expenses is the reason for the filing – to pursue an orderly reorganization of his financial affairs.”
Brewer added, “It is important to remember the filing for protection permits Mr. Jackson to continue his active involvement in numerous business, entertainment and philanthropic interests.”
SEE ALSO: 6 ways 50 Cent says he tricked the world into believing he was rich
MORE: 50 Cent's comments on 'Conan' are coming back to haunt him in court
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